Policy administrator to harness inbound solution for streamlined payment integration for LIDP and provides pre-built payment integration for Verisk.
One Inc, a leading payments network for the insurance industry, is partnering with LIDP, an industry leader in providing innovative digital solutions for policy and contract administration.
One Inc has also announced the launch of a pre-built payment integration for Verisk’s FAST (Flexible Architecture, Simplified Technology) platform.
The LIDP collaboration aims to deliver a ‘seamless and efficient’ payment experience for LIDP’s Life Insurance carrier-customers by implementing One Inc’s inbound PremiumPay solution.
LIDP’s real-time product configuration and the integration of PremiumPay will help life insurance companies optimise operations across the entire policy lifecycle – from product setup to payment processing.
PremiumPay will also allow LIDP’s carrier-clients to customise payment processes, enhance communication and reconciliation, and seamlessly integrate payment functions on a secure platform. In addition, carriers will provide their policyholders with the option to make premium payments via familiar consumer platforms such as Apple Pay, Google Pay, PayPal, and Venmo.
This comes as the life insurance sector faces mounting pressures to modernise legacy systems. According to McKinsey’s 2024 Global Insurance Report, over 70% of life insurers identify outdated technology and fragmented payment processes as significant obstacles to delivering digital-first customer experiences. Meanwhile, consumer expectations continue to evolve, with nearly 80% of policyholders preferring digital payment options over traditional methods.
Kimberly Duke, CMO and Senior VP of Growth, LIDP, said: “Offering PremiumPay solidifies our responsibility to deliver innovative solutions that tackle the unique challenges of the life insurance industry.”
Ian Drysdale, CEO, One Inc, said: “The synergies between LIDP and One Inc were quite clear from the beginning — beyond solutions, we are both aligned on our goal to further the Digital Transformation of the insurance industry. Together, we’re helping to drive innovation and set a new standard for how carriers engage with their customers in the digital age.”
One Inc has also launched a pre-built payment integration for Verisk’s FAST life insurance platform. This new integration connects One Inc’s PremiumPay for inbound payment capabilities directly into FAST’s configurable system architecture, helping carriers accelerate their Digital Transformation by reducing the need for physical and non-direct payments in the life and annuity market.
Verisk, a leading global data analytics and technology provider, and its FAST platform enable life insurers to quickly modernise and mitigate challenges spanning the life insurance life cycle, such as product development, customer self-service, policy administration, and claims management.
The company’s integrated solutions accelerate carriers’ time to market and deliver a superior digital policyholder experience. Integrating One Inc’s payment technology within Verisk’s FAST platform enables carriers to:
- Offer a modern payment experience and enhance communication with policyholders via one convenient platform
- Simplify digitalisation and automate critical processes to drive greater efficiency and scalability across life and annuity lines
- Mitigate outdated strategies and operational costs associated with digitalisation
“At Verisk, we are committed to helping life insurers by providing data-rich solutions to achieve greater speed, flexibility and operational efficiency,” said Saurabh Khemka, Co-president of Underwriting Solutions, Verisk. “By integrating digital payment capabilities in collaboration with PremiumPay, carriers can accelerate their modernisation efforts, reduce complexity and deliver improved customer experiences without the time and cost associated with updating their existing platforms.”
“This product integration offers a critical path to unlocking value from digital payments tailored to the needs of life insurers,” said Ian Drysdale, CEO, One Inc. “We can eliminate the typical barriers of custom integrations and enable carriers to adopt modern inbound payment capabilities with greater speed and efficiency. This collaboration emphasises our strengths to modernise the life insurance landscape while offering a unified platform for payments.”
The integration arrives at a time when insurers face growing pressure to reduce operational costs, meet regulatory demands, and keep pace with customer expectations for seamless digital experiences. As the UK life insurance market alone is forecast to exceed £240 billion in written premiums by 2025, embracing streamlined, digital payment processes is fast becoming a business necessity rather than an option. The LIDP-One Inc partnership reflects a broader trend of insurtech innovation aimed at transforming the customer experience and increasing operational resilience across the life insurance industry.
